ADVFN PLC - London-based operator of financial information websites for private investors - Decides to end formal sales process launched in mid-January, saying it instead will pursue business partnerships, joint ventures and acquisitions to grow the business. Says extended strategic review and sales process would have created uncertainty for partners and employees.
Notes letter received from shareholder Yair Tauman in late January requesting a general meeting to vote on his proposal to remove Chief Executive Officer Clem Chambers from the board and to appoint Anthony Wollenberg, Amit Tauman and David Gold as directors. Says will make a further announcement about this "in due course".
The Taumans have a combined 19% stake. Chambers has a 3.9% stake, plus a 10.7% stake in Online Blockchain PLC, which has a 17.6% stake.
Current stock price: 72.55 pence, down 10% on Tuesday
12-month change: more than doubled from 30.40p
By Tom Waite; thomaslwaite@alliancenews.com
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ADVFN (AFN)